Macquarie Bank sterling issue sees strong demand

On Tuesday, sole manager HSBC needed less than a day to build a book that easily covered Macquarie Bank's latest issue, a two-and-a-half year ú250 million senior floating rate note FRN sold at a spread of 8 basis points over three-month sterling Libor.

The bond was issued at a price of 99.988 and a coupon of 7.5bp over three-month Libor. The A2 posA stableA stable rated issue expires on August 19, 2009, while settlement is on February 13, 2007.

The issue comes as the February 2007 issue from Macquarie comes to maturity. ôThe bank wants to refinance the February 2007 issue, in addition to keeping its credit lines filled,ö says one source close...

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